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Friday, 15 July


Dear <<First Name>>

This month, the 2050 strategy for the Blue Pacific topped the agenda of the Pacific Island Forum’s national leaders’ meeting, with tackling the climate crisis being key to security in the region. Helping Pacific nations to become self-reliant for energy generation using renewable resources is a great way of addressing this challenge while building the Blue Pacific agenda. 

But the region faces many challenges in realising a clean energy future. For a fresh perspective, I think this thought piece by Convergence's Krishna Malhotra provides a well-articulated overview of those challenges and the solutions that blended finance offers them.  

Last year, Convergence awarded Camco a grant to support the design of our blended finance platform, TIDES. TIDES can play a critical role in realising the potential of the Blue Pacific. We’re grateful to Convergence and the DFAT (which funded the grant) for their support and are proud that TIDES is progressing well.    

On this note, we were thrilled to announce the formation of a new TIDES advisory board this week. Find out who they are here.) 

The board will be responsible for advising Camco on the fund’s design and implementation and was established as we progress our fundraise for a USD100 million project facility and a USD30 million market capacity building facility. 

Between them, the members have an encyclopaedic knowledge of the industry as well as all-important local presence and networks, and I’m pleased that there is strong local participation. This makes them perfect partners for ensuring TIDES stays relevant to its audience and succeeds in its aim to drive private sector investment in the Pacific's nascent clean energy sector. 

Cheers 

Geoff Sinclair

Managing Director, Camco Clean Energy

Story of the week

Five Francophone countries in the Desert to Power initiative, which aims to install 10GW of solar capacity plus energy storage across 11 nations in the Sahel, have secured a non-binding pledge of USD300 million from the publicly funded Private Infrastructure Development Group (PIDG).
Camco news

Camco has assembled a five-member advisory board of industry experts with significant local and climate finance experience, responsible for advising on the future design of its blended finance platform for the Pacific, TIDES.
Camco news

Energy Peace Partners' P-REC Aggregation Fund, managed by Camco, has been selected by the ICFA - International Climate Finance Accelerator Luxembourg to be part of its 2022 cohort of high impact solutions.

West Africa

Burkina Faso: Country’s first IPP inaugurates 30MWp solar photovoltaic plant (ESI Africa)
- GreenYellow’s project responds to the energy challenge facing Burkina Faso, which has one of the weakest electricity networks in Sub-Saharan Africa but a high energy demand.

Gambia: UN agency to install 34 solar irrigation systems supporting over 6,000 local farmers (Gambiana)
- The initiative by the UN Food and Agriculture Organization (FAO) involves drilling boreholes equipped with solar pumps, providing clean water for irrigation, domestic and livestock use.

Nigeria: Businesses turn to solar as diesel costs continue to rise (Reuters)
- The country’s solar companies are seeing a surge in demand for mini-grids as companies look for alternative power sources in response to the soaring local cost of diesel due to rising global oil prices.

Senegal: Consultancy firm Gauff Engineering trains 247 youths in the installation of solar PV systems (Afrik21)
- The training covered the operation, maintenance and remote supervision of solar PV mini-power stations and aims to support a project to electrify 300 villages. 

East Africa

Kenya: Green hydrogen project pilot on the horizon (Energy news)
- The Kenyan government has announced its intentions to test out green hydrogen projects to determine whether large-scale generation is feasible.

Kenya: Kenya Carbon Exchange to be developed thanks to new partnership (ESI Africa)
- The AirCarbon Exchange has signed a collaboration agreement with the Nairobi Securities Exchange and the Nairobi International Financial Centre to develop the new exchange.

Rwanda: Contractors sought for construction of Muvumba multipurpose dam and power plant (Construction Review Online)
- Once built, the 55 million cubic meter-dam will provide water for cattle, agriculture and domestic usage, as well as produce an estimated 6.94GWh of hydropower annually.

Southern Africa

South Africa: Concentrated solar power (CSP) plant on track for 2023 commissioning (ESI Africa)
- The 100MW plant is one of the world’s first project-financed CSP with molten salt central receiver projects, and is expected to provide stable electricity to more than 200,000 households.

Zambia: Ministries of energy and health join forces to improve healthcare facilities through solar electrification (Solarquarter)
- With over 70% of the country’s rural hospitals currently without power and many too far from the grid to be connected, off-grid solar power presents a key opportunity to provide them with low-carbon and cost-effective electricity.

Africa - other

C&I: CrossBoundary Energy secures USD40 million in equity to expand C&I portfolio across Africa (CrossBoundary)
- The investments from Norfund and Norwegian pension fund, KLP, will allow the company to further scale its investments in renewable energy solutions for C&I businesses across Africa.

Construction: Recent report sees renewable energy aiding the construction industry (ESI Africa)
- The report claims the potential for growth in renewable energy in Africa presents many opportunities for the construction industry, which has weakened over the last year due partly to supply-chain bottlenecks caused by the pandemic and the war in Ukraine.

Libya: Irish IPP signs PPA for Ghadames solar park (Afrik21)
- The agreement between AG Energy and the General Electricity Company of Libya (GECOL) will enable the IPP to progress its plans for the 200MWp plant, located 650km from Tripoli.

Solar: Desert to Power initiative secures USD300 million of public money (pv magazine)
- The non-binding commitment by the publicly funded Private Infrastructure Development Group (PIDG) backs Burkina Faso, Chad, Mali, Mauritania and Niger’s participation in the initiative, which aims to install 10GW of solar power capacity plus energy storage across 11 nations in the Sahel.

South Sudan: 12MWp grid-connected solar plant planned for capital (pv magazine)
- Once built, the project by Ugandan company Aptech Africa will significantly increase the country’s installed grid-connected solar capacity, which IRENA claims stood at just 1MW as of the end of 2021.

Pacific

Climate: Pacific foreign ministers declare climate emergency (Fiji Sun)
- The declaration was a key outcome of the forum foreign ministers held last Friday, and states that the Pacific is facing a climate emergency that threatens the livelihoods, security and wellbeing of its people and ecosystems.

Climate: Pacific looks to international court for help on climate (Pina)
- Climate-threatened Pacific islands are pushing for the International Court of Justice to throw its weight behind efforts to arrest climate change.

Rest of the world

India: Tata Power plans to invest USD9.5 billion in clean energy push (bloomberg)
- India’s largest integrated power company will invest the money in renewables over the next five years, almost doubling the share of clean energy in its portfolio.

Renewables: Two-thirds of new renewable power cheaper than coal last year – IRENA (Reuters)
- Of the 163GW of new renewable power added last year, almost two-thirds had lower costs than the cheapest coal-fired power plants in G20 countries, a report by the International Renewable Energy Agency has shown.

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